Master Plan for University Mixed-Use Development Approved

Innovate ABQ project is getting closer to the Start line after the University of New Mexico regents unanimously approved the master plan for the seven acre site at Central Ave. and Broadway Blvd. Downtown.

Innovate ABQ project is getting closer to the start line after the University of New Mexico regents unanimously approved the master plan for the seven-acre site at Central Ave. and Broadway Blvd. downtown.

The master plan has been created by design firm Perkins+Will. On March 9 the company presented its general framework for development of the site to regents and members of the Innovate ABQ board of directors. The plan presents a mixture of research and laboratory facilities, business offices, administrative space, residential housing for students, and even a hotel and retail shops.

According to the plan, the project would be developed in phases over 10 to 20 years at an estimated cost between $50 million and $150 million, as per David Green, a principal at Perkins+Will. The gross of the development costs, between 60 and 80 percent, would be private investment by developers. The remaining funds would be city and county investments in infrastructure.

“We’ve gotten a number of responses from highly qualified developers, both locally and nationally, some of whom are proposing to work together,” Terry Laudick, Nusenda Credit Union CEO and chair of the Innovate ABQ board, told regents. “The next step is to engage an independent third party to review the expressions of interest and develop a framework for a formal request for proposals, which will issue by late April.”